Interoperability Agreement Extends Network for SEPA Payments
VocaLink and Equens have implemented a bilateral link for the exchange of SEPA payments. This is a step in the implementation of the European Automated Clearing House Association (EACHA) framework announced in October 2007 to help establish interoperability between banks and European Clearing & Settlement Mechanisms (CSMs). The arrangement is designed to support both companies’ SEPA offering while helping to create a more competitive market by allowing banks to choose the payments processor or processors that best meet their needs. As both CSMs have more than one settlement cycle per day, customers of VocaLink and Equens will be able to make payments on a same day basis.